The growth of the global refurbished medical equipment market can be attributed to factors such as hospital budget cuts, a large inventory of used or old medical devices, rising demand for capital-intensive diagnostic imaging equipment, e-commerce platform enhancing the ease of purchase of refurbished medical equipment, growing preference for eco-friendly products, an increasing number of diagnostic centers & hospitals, and the growing opportunities in emerging economies.
However, factors such as stringent regulations on the import and use of refurbished medical devices in certain countries, lack in the standardization of policies for the use & sale of refurbished devices, increase in the influx of low-cost new medical devices, and the negative perception about the quality of refurbished medical devices are expected to restrain the market growth. Furthermore, the growth of the market is expected to be slowed temporarily due to the COVID-19 pandemic during the forecast period.
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The rising demand for diagnostic imaging procedures, the high price of new medical imaging equipment, a growing number of target diseases, widening application of diagnostic imaging procedures, regulatory approvals in using refurbished medical equipment, low purchasing power in emerging economies, and established & government validated refurbishment processes adopted by major OEMs are factors expected to drive the growth of this market segment in the coming years.
The hospitals' segment accounted for the largest share of the market in 2019. The rising adoption of refurbished medical equipment, increasing focus of hospitals on providing affordable treatment and care, and growing emphasis on high returns on investment are some of the key factors driving the growth of this market.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. This can be attributed to the large patient pool in the region, increasing privatization in the healthcare sector, huge patient population base, and high demand for refurbished medical equipment by low-budget hospitals and clinics.
1. In 2020, Siemens Healthineers (Germany) and Hamilton Health Sciences (Canada) have signed a 15 years contract that can be extended by another 10 years to provide comprehensive services for the latest imaging equipment at Hamilton Health Sciences hospitals in Canada. The deal size was approximately USD 192 million.
2. In 2019, US Med-Equip (US) acquired Medical Support Products (US) to increase the capability, national expansion, and provide greater product and service solutions across the US.
3. In 2019, Avante Health Solutions opened a new Charlotte facility in North Carolina, US. This will house three business divisions of the company viz., Avante Diagnostic Imaging, Avante Oncology, and Avante Ultrasound.
4. In 2018, Koninklijke Philips (Netherlands) acquired AGITO Medical (Denmark), strengthening its refurbished medical equipment portfolio of products, parts, and services.
5. In 2017, US Med-Equip (US), and the Owner-Research group (US) signed a partnership to augment the economy and medical equipment products and services across hospitals in the US.